Mutual fund performance: dividends do matter

Diego V�ctor de Mingo-L�pez and Juan Carlos Matall�n-S�ez

Applied Economics Letters, 2015, vol. 22, issue 6, 455-460

Abstract: This article studies the bias in mutual fund performance when a nondividend-reinvesting benchmark is used. Our empirical findings show how performance worsens when using a benchmark that includes reinvestment dividends. We also find that inferences about managers' ability related to economic states are biased by the effect of omitting dividends when selecting a benchmark.

Date: 2015
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DOI: 10.1080/13504851.2014.948671

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